down sizing

Subscriber exclusiveCan’t bear to downsize your home? Think of it as rightsizingAngela TanFollow topic:ST InvestMePublished 15 hours agoUpdated 5 hours agoListenSign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today.SINGAPORE – It all started over a get-together of old friends and empty nesters whose children are grown up and have moved out of the family home.Patrick Chan and his wife Julie have lived in the same detached house for more than 30 years. It is where Julie grew up and, after she got married, raised her children and watched her family grow. Today, things are different.Their sons are married and have their own homes, and their daughter is working overseas. Their rooms have become storage rooms.On most days, it is just Patrick and Julie and their helper.One evening over dinner, Patrick casually wondered if they should sell the house and downsize to a smaller place.It was a simple question, but it sparked an angry outburst from his wife, who viewed the proposition as a downgrade in lifestyle and status.“I can’t talk to her about money or downsizing. She gets so emotional,” says Patrick with a sigh. “Our current place was last renovated before we moved in with her parents. We added another floor.“Every day feels like a military operation – I have to plan my movements to avoid climbing up and down the stairs multiple times,” he adds.Bothered lately by his cranky knees, he figured it might be more convenient to move to a more compact home with newer fittings that could be cheaper to maintain, easier to clean and better suited to this stage of life. Doing so would also allow the couple to unlock the money tied up in the house Julie inherited when her parents passed away. This could give them more financial freedom to enjoy retirement, including spending on travel, healthcare, hobbies and other things they value, without constantly worrying about money. Unfortunately, Julie does not feel the same way. She is emotionally attached to the place and the neighbourhood, though in her heart she knows Patrick is just being practical.See more onST InvestMeInvestSingapore propertyRetirement planningTop storiesExplore top stories from all sections in one placeSingaporeSingaporeSingaporeSingaporeFitness chains tout incentives to lure members affected by True Fitness, True Yoga closuresIn an uncertain world with many problems, Singaporeans must help each other: SM LeeWorker dies after being struck by hose at Jurong Port Road construction site; MOM investigatingInclusive festival lets visitors experience life through the eyes of disabled artists

retire with 20 years or more

Subscriber exclusiveWhy it’s important to know how to spend time meaningfully after retirementBrian J. O’ConnorFollow topic:InvestPublished Sep 4, 2026, 5:00 AMUpdated Sep 4, 2026, 4:42 PMListen“They’re stressed, they’re done, they retire, and at some point they’re recharged and they come back to work, especially the more educated group, where there’s not a physical component to the job.”Work that is physically demanding and low-wage jobs extend inequality in the labour force to inequality in retirement, too, denying the benefits of a lengthier retirement to many older Americans, Sanzenbacher added. Black and Hispanic Americans, or people who live in multi-generational households where they support parents or children and grandchildren, are among the groups most likely to keep working well past retirement age.More on this topicFinancial freedom is being able to pay for all expenses, not how much you have How you can do better than having $600,000 in your bank account Envisioning a long retirementA retirement of 20 years or longer can cover three phases: an active, healthy phase right after leaving work, followed by a period of less activity, and a final period when retirees settle into a lifestyle with little activity near the end of life.•Phase one: If they have the resources, this is when retirees should travel, before illnesses or ailments show up. Conventional wisdom once held that spending dropped after you left work, but later, research found that spending actually increased as retirees took up new hobbies, travelled, relocated and pursued other long-delayed plans.•Phase two: After 10 to 15 active years, physical reality catches up with 75- or 80-year-old retirees. Those who were working part-time have typically finished but still have time for family, friends and social activities. Spending tapers off.•Phase three: After an additional five to 10 years, retirees typically stay closer to home with less activity and may develop more serious health issues that can lead to large medical bills. As at 2025, the median cost for non-medical caregiver services at home was US$80,000 a year (assuming 44 hours a week), assisted living was just over US$74,000, and a private nursing home room cost about US$130,000.Like all retirement decisions, though, lifestyle comes down to money. Check with a planner to see whether your finances will support your goals, and don’t ignore inflation.At the Federal Reserve’s target rate of 2 per cent annual inflation, a retiree living on US$5,000 a month in 2026 would spend more than US$7,400 per month 20 years from now to cover their expenses. But inflation doesn’t stick to the average – the rate for June was 3.5 per cent, nearly twice as high as the Fed’s target.“Most people haven’t thought through what their life will be like in retirement,” Crews said. “They’ll say, ‘I’ll figure it out. I’m going to go to Yellowstone, I’ll go on cruises.’ They need to consider the work benefits that don’t involve a pay cheque – friendships, solving problems and feeling like you play a significant role. The question is, ‘Where are you going to find purpose?’ And it’s not going to be on a cruise ship.” NYTIMES•This article originally appeared in The New York Times.See more onMore on this topicInvestRetirementLearn how to manage your money better at InvestMe event on Sept 17Retirement planningHobbiesFinancial literacyRetire with more money? Learn how to grow $1m in your CPF from the first InvestMe event videoTop storiesExplore top stories from all sections in one placeSingaporeSingaporeSingaporeSingaporeFitness chains tout incentives to lure members affected by True Fitness, True Yoga closuresIn an uncertain world with many problems, Singaporeans must help each other: SM LeeWorker dies after being struck by hose at Jurong Port Road construction site; MOM investigatingInclusive festival lets visitors experience life through the eyes of disabled artists